Blockchain's Broken Promises. (Please Read This Article "VERY IMPORTANT").
The financial services industry has been going a revolution. But the driving force is not overhyped blochain applications such as Bitcoin.
It is a revolution built on artificial intelligence,big data, and the internet of things.
Already,thousands of real business are using these technologies to disrupt every aspect of financial intermediation. Dozens of online Payments services - PayPal, Alipay, WeChat Pay, Venmo and So Forth-have hundreds of millions of daily users.
Now, compare this real and ongoing Fintech revolution with the record of blockchain, which has excited for almost a decade and still has only one Application - cryptocurrencies.
Blockchain's boosters would argue that it's early days resemble the early days if the internet before it had a commercial applications. But that co.parison is simply false.
As a currnecy Bitcoin should be a serviceable units if account, means of payment and a standard store of value and it is none of those things. No one prices anything in Bitcoin. Few retailer accept it. And it is a poor store of value, because it's price can fluctuate 20 to 30% in a single day...
Some coins really hacks your data from your mobile or pc.The website ask you for a email and a phone number which on latter they use the your data for their own transactions and really hacks your account..
As is typical of a financial bubble, investors are buying crptocurrnecy not to use in transactions but because they expect them to increase in value.
The idea that hundreds of cryptocurrencies would viably operate together not only contradicts the every concept of money is utterly idiotic.
As for the underlying blockchain technology, there are still massive obstacles standing in its way, even if has more potential than cryptocurreny.
Chief among them it lacks the kind of basic common and universal protocols that made the internet universally accessible ( TCP/IP,HTTP and So forth). More fundamentally it's promise of decentralised transactions with no intermediary authority amount to an untested, Uptopian pipe dream. No wonder blockchain is ranked close to the peak of hype cycle of technologies with inflated expectations..
So forget about blockchain, Bitcoin and other cryptocurreny (except steemit). And start investing in Fintech firms with actual business models, which are slogging away to revolutionise the financial services industry. Yo won't get rich overnight but you'll have made a smarter investment.
Thankyou for reading the Article I hope you find it very important..
Stay calm and keep investing
Follow,
@yashvlogs.